WD monetizes SanDisk stake via $3B swap, triggering Sandisk share slump
TL;DR Summary
Western Digital confirmed plans to monetize its SanDisk stake through a debt-for-equity swap totaling over $3 billion, continuing the unwind of their split flash business; SanDisk stock dropped sharply, with after-hours losses over 8%, though SanDisk says it is not selling stock. WD also signaled about $4 billion in share buybacks and a plan to unload the remaining Sandisk stake, a move WD had telegraphed ahead of the spin-off’s February anniversary.
Topics:business#business#debt-for-equity-swap#sandisk#secondary-offering#share-buybacks#western-digital
- Sandisk drops after Western Digital confirms plan to unload $3 billion in stock Sherwood News
- Sandisk’s stock falls as Western Digital plans to sell shares. What investors need to know. MarketWatch
- Why SanDisk Stock Dropped 6% on WDC Stake Sale News TipRanks
- Western Digital to Raise $3.09 Billion in Sandisk Share Sale Bloomberg
- Sandisk falls after Western Digital plans to sell $3.1 billion in shares Investing.com
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